May 2024 marked a monumental milestone in streaming services’ fight for our eyes and dollars. However, the latest battle was not won by any of the expected players. It was hybrid social media, content platform — YouTube — that was number one with viewers.
Further, other services are struggling to crack the platform’s code for success…
YouTube’s HUGE Shadow Over Competitors
Last week, Nielsen released its Gauge report for May. The report revealed that YouTube made up 9.7% of all streamed viewership on U.S. televisions…
THAT IS THE HIGHEST SHARE EVER OF ANY STREAMING PLATFORM IN ALL OF THE GAUGE’S HISTORY!
This means that YouTube topped the previous streaming wars victor, Netflix, with viewers. Normally, this would result in tit-for-tat tactics among all the major services like Netflix, Disney, and Prime Video.
Yet, these entertainment companies seem unable to provide the same feeling YouTube gives viewers. But, those that have tried can’t make it happen while others simply do nothing…
Can Major Streaming Services Strike Back?
Why other entertainment companies want to tap into YouTube’s viewers is not rocket science. YouTube is pulling in billions of dollars in ad revenue.
$31.5 BILLION IN 2023 TO BE EXACT!
Naturally, competitors want in on the action. The problem is they discuss strategies but don’t fully implement them.
For example, Netflix has commented that they see themselves as fulfilling a different need for viewers than YouTube.
The brand said this in its quarterly shareholder letter:
“We have built a hard-to-replicate combination of a strong slate, superior recommendations, broad reach and intense fandom, which drives healthy engagement on Netflix. Improvement in these key areas is the best way to delight our members and continue to grow our business.”
That said, the company does upload some of its content to YT to entice users to buy a full Netflix subscription.
At the same time, Disney is worried about the hold YouTube has on younger viewers. As such, they are releasing full-length cartoon series based on beloved characters like Winnie the Pooh to the platform.
However, Disney’s strategy is not about direct competition. It is focused on creating brand awareness.
And maybe it is wiser for these competitors to take this approach because they can’t seem to recreate the full YouTube effect with audiences…
How YouTube Keeps Viewers Loyal
According to YouTube CEO, Neal Mohan, 1 billion hours of YouTube content is streamed each day! But why is it that people are choosing the platform over other streaming services?
It comes down to one thing that even the biggest competitors haven’t been able to recreate — community.
The user-generated content of YouTube is built off of you getting to know their creators, not simply built to entertain viewers.
Additionally, there is another advantage YouTube has…
There is immediate feedback from the audience for creators via comments, like and dislike features.
In short, you know when something is good right away. As opposed to spending money on a whole series and hoping for the best.
For those reasons, it doesn’t look like YouTube will lose the vote of the viewers any time soon. After all, it is the place where you can find all the adorable cat videos…
Be Great,
GCTV Staff
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